Treasury chief urges economic reform by India

Treasury Secretary Timothy Geithner is urging India to push ahead with its reform agenda to realize what he says is the "enormous potential" in economic ties between the countries.

WASHINGTON – Treasury Secretary Timothy Geithner is urging India to push ahead with its reform agenda to realize what he says is the "enormous potential" in economic ties between the countries.

Geithner said Monday the U.S. was looking particularly for improvements in the finance sector to provide more liquid markets for corporate debt financing and for India to allow greater access to that sector for American companies.

He was speaking alongside Indian Finance Minister Pranab Mukherjee at a conference hosted by the Confederation of Indian Industry ahead of high-level economic talks.

Mukherjee said necessary legislation for reform of the banking, insurance and pension fund sectors had been introduced in India's parliament, but the government still was seeking a consensus among coalition partners for its passage.